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That was easy. It only took Accel Partners eight weeks to close over a billion dollars in fresh capital. The firm closed two new U.S. funds today that altogether amount to $1.35 billion for new investments.

The first, Accel XI, is a $475 million fund that will be deployed across seed and early stage deals. The second, Accel Growth Fund II, is an $875 million growth equity fund, which amounts to a doubling down of the firm's previous growth equity investments. This new growth fund is twice the size of Accel Growth Fund I, the $480 million fund it closed in 2008 and has since deployed in companies like Facebook, Groupon, crowdsourcer 99Designs and Rovio, the game developer behind Angry Birds.

This comes on top of news that Accel recently closed two new funds in China, for a total of $1.3 billion in fresh capital, to deploy with its partner in China, IDG. Accel says it will continue to invest across all stages and noted that in the past 12 months, it has made 47 investments ranging from $100,000 to $60 million in size. The majority-- 25 investments-- qualified as small seed investments in startups like HotelTonight, BaubleBar and Summify. Accel also made 14 early stage investments in companies like Bonobos and Yardseller and eight later stage, growth equity investments in companies-- like its $20 million investment in Rovio-- that are already profitable but will use the cash to enter new markets and platforms.

It's difficult to imagine a scenario in which any of Accel's limited partners turned the venture firm down, especially given that the firm's previous fund, Accel IX, is currently on target to become the best performing venture capital fund in history. Investors in that fund have already recouped their cash and stand to make a killing off the fund's early $12.7 million investment in Facebook, which was made at just under a $100 million valuation. The social network is now said to be planning a $100 billion initial public offering. At that valuation, Accel's 10% ownership stake would be worth $10 billion.

Then again, there are likely to be plenty of limited partners worried about venture capital's backwards bending labor curve-- which essentially boils down to the fact that the greater a firm's success, the more money it can raise, the higher fees they can charge-- and the lazier its VCs become.

The last time firms raised billion dollar funds was at the peak of the 1990s dotcom bubble. When that bubble burst, so did the funds. The consensus then (among limited partners at least) was that the venture business does not scale well. LPs like to see their VCs scrappy and worry that when they’re flush with capital, they’ll snooze on management fees. Plus, with markets maturing, there is a legitimate question to be asked about where VC firms plan to deploy all this capital.

For its part, Accel says it will continue to invest across cloud services and next generation infrastructure, social media and e-commerce, gaming, software and open mobile.